Fresh Vine Wine Inc (NASDAQ:VINE) shares are trading lower by 9.5% to $0.71 during Monday's session after the company announced plans to merge with Notes Live, a live entertainment company with venues in Colorado and Atlanta.
This non-binding agreement aims to finalize details by early 2024, with Notes Live expected to own a significant portion of Fresh Vine's shares post-merger.
The deal depends on due diligence, financial conditions, stock exchange approval and other standard procedures.
While both parties are enthusiastic about the potential, the agreement isn't finalized yet.
According to data from Benzinga Pro, VINE has a 52-week high of $1.99 and a 52-week low of $0.21.